Sembcorp Industries, on Dec 2, announced that it will be acquiring a 35% interest in SDIC New Energy for an equity consideration of approximately RMB1.5 billion ($320 million).

The group says its wholly-owned subsidiary Sembcorp Energy (Shanghai) Holding Co signed an equity transfer agreement with China state-owned investment holding company, State Development Investment Corporate Group (SDIC)’s Shanghai SDIC Xieli Development Equity Fund Partnership (Xieli Fund) to take over its 35% interest.

SDIC New Energy’s portfolio consists of 30 operational wind and solar PV assets. It has a total gross installed capacity of about 1.9GW located across seven provincial regions in China.

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